Coronavirus Concerns Cause Oil Prices to Drop Across the U.S.
For the third straight week, motorists have been greeted by falling gas prices in virtually every city and state in the country. Montana gas prices have fallen about four cents in the past week, averaging $2.48. Missoula gas prices held firm, but remain well below the statewide and national average. Patrick DeHaan is the head of petroleum analysis at GasBuddy and he has the current numbers.
“Prices in Missoula are down about half a penny in the last week,” DeHaan said. “They stand at $2.39. The national average has declined about four cents per gallon and sits at about $2.46. All in all, Missoula is doing quite a bit better than the statewide and national average. They are about 10 cents lower than the statewide average and about five cents lower than the national average.”
The cheapest station in Montana is priced at $2.36 per gallon and the most expensive is $2.69. DeHaan says the coronavirus pushed the price of oil down to about $50 per barrel and that should keep the door open for falling prices.
“Gasoline inventories remain above last year so that is certainly good news as well,” DeHaan said. “Most states have seen prices go down and that should continue for a couple of weeks. Things are really contingent on what happens with the coronavirus. That is really pushing prices down, so much that OPEC is meeting to discuss the possibility of a production cut due to the loss of demand.”
Nearly 5,000 stations are currently selling gasoline under $2 per gallon. DeHaan urges motorists to shop around because some stations are dropping their prices quicker than others.